A lot of the 2P certified in the Surat back in those days...

A lot of the 2P certified in the Surat back in those days probably wouldn't be certified today if there was a Reserves review. I suspect this includes the Roma Shelf stuff, and I think this is what scroogy is getting at.

The coals there are high permeability but thin and ratty with low saturation and gas content. Senex may be able to get it to work on a shoestring budget but QGC knew they never had a chance with their operating costs, which is why they gave up so much 2P to SXY in return for so little in their eastern fields. So IMO that's why the market isn't giving it much value - it's a marginal deposit, and even if Senex can make money where QGC couldn't, it suggest margins will be very slim.

When they say 83 mmboe they are referring to energy equivalence not monetary equivalence. 455 bcf of gas = 82 mmboe. So you can't just multiply the mmboe figure by the oil price to get a value.

All in all, one thing I've learned in the market - if it seems an absolute no-brainer to you, but the market stubbornly refuses to agree with you, then the market probably knows something you don't.